Mississauga Is Experiencing A Particularly Active Condo Market
Current economic woes have eroded the real estate market in numerous major metropolitan areas, but as a result, satellite cities like Mississauga are seeing tremendous gains in the market for condominiums as buyers realize the savings they can realize by buying real estate on the edges of the Greater Toronto Area. First time home purchasers are choosing Mississauga Condominiums because of the additional burden of the Toronto land transfer tax that considerably increases the purchase cost of a new house in the city limits, so local developers are focusing on new high-rise condominium construction.
Mississauga condominium statistics have seen many fluctuations - particularly in the active to sold listings relationship - and overall condo median prices increased from $171,250 in February 2006 up to $230,000 in February 2009. This trend demonstrates that across the board, condos for sale in Mississauga are gaining almost 16 percent every four years. New condo sales have a hard time competing with resale condo prices, however, and budget conscious buyers are selecting the older units and creating a nice resale market.
Mississauga is rapidly changing from an 'urban sprawl' suburb of Toronto into a viable community with plans to revitalize the downtown area and develop public parks and green spaces with pedestrian trails to beautify the area and attract young professional families. A multi-million dollar Living Arts Centre is underway, and is sure to become a venue for many events, from farmer's markets to popular concerts and road shows. Across the road from the Centre, construction of the Limelite Towers is ongoing, which will feature 233 super modern condominiums.
The new civic planned community at Parkside Village is another sign of things for the future, and the 15 story high-rise condos being built are proof that real progress is coming. Retail developments for shopping, dining and entertainment are popping up near new and existing condominium buildings to provide home owners with goods and services close to home. The Erin Mills Town Center is one model of a shopping center constructed to service the expanding condo population. To ensure it is simpler to have quick access to principle freeways and public transportation in and out of Toronto, many new condominiums are being located on busy transportation hubs.
Mississauga's demographics demonstrate that the city is appealing to young professionals working in Toronto and is also becoming a 'mecca' for new immigrants that have been drawn by the area job market. It is expected that in an attempt to appeal to the new type of residents, high-rise units demand will continue to increase, propelling the existing ratio of single family houses to condos up significantly.
Another factor is the proximity of colleges and universities that are around Mississauga, and real estate agents are selling numerous condos to married couples who actually start to have children within a year of buying their condominium and do not seem eager to move to a single family home. If these movements continue, the fate of Mississauga real estate is in high-rise condominium living to meet the needs of the changing demographics.
Mississauga condominium statistics have seen many fluctuations - particularly in the active to sold listings relationship - and overall condo median prices increased from $171,250 in February 2006 up to $230,000 in February 2009. This trend demonstrates that across the board, condos for sale in Mississauga are gaining almost 16 percent every four years. New condo sales have a hard time competing with resale condo prices, however, and budget conscious buyers are selecting the older units and creating a nice resale market.
Mississauga is rapidly changing from an 'urban sprawl' suburb of Toronto into a viable community with plans to revitalize the downtown area and develop public parks and green spaces with pedestrian trails to beautify the area and attract young professional families. A multi-million dollar Living Arts Centre is underway, and is sure to become a venue for many events, from farmer's markets to popular concerts and road shows. Across the road from the Centre, construction of the Limelite Towers is ongoing, which will feature 233 super modern condominiums.
The new civic planned community at Parkside Village is another sign of things for the future, and the 15 story high-rise condos being built are proof that real progress is coming. Retail developments for shopping, dining and entertainment are popping up near new and existing condominium buildings to provide home owners with goods and services close to home. The Erin Mills Town Center is one model of a shopping center constructed to service the expanding condo population. To ensure it is simpler to have quick access to principle freeways and public transportation in and out of Toronto, many new condominiums are being located on busy transportation hubs.
Mississauga's demographics demonstrate that the city is appealing to young professionals working in Toronto and is also becoming a 'mecca' for new immigrants that have been drawn by the area job market. It is expected that in an attempt to appeal to the new type of residents, high-rise units demand will continue to increase, propelling the existing ratio of single family houses to condos up significantly.
Another factor is the proximity of colleges and universities that are around Mississauga, and real estate agents are selling numerous condos to married couples who actually start to have children within a year of buying their condominium and do not seem eager to move to a single family home. If these movements continue, the fate of Mississauga real estate is in high-rise condominium living to meet the needs of the changing demographics.
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